The question was skipped; the engagement ring presented. What’s the next step on the road to marriage? Saving should definitely be on the minds of couples.
A wedding is possibly the costliest party a couple will ever throw. According to The Knot’s 2019 Actual Marriage Study, the average cost of a wedding in 2019 was $ 33,900. There are many different costs associated with weddings. Some are predictable, while others are unexpected. Investopedia says the vast majority of couples budget too little for their weddings and also end up spending more than they planned. There are various strategies that can make saving for a wedding easier and avoiding a hangover after the wedding.
Inform yourself It’s impossible to budget for a wedding and ultimately save without knowing the cost of services and items in the area where you live. A wedding in New York will be expensive, while a wedding in Mississippi will cost a lot less, says SuperMoney’s guide to wedding costs. Research and find out what photographers, florists, transportation providers, banquet halls, and bridal wear vendors charge for common services. This will paint a vivid picture of what a wedding can cost in your area.
Build the budget Once you have gathered estimates, you can then determine a financial goal. This is also when you can figure out where to limit your spending and where you might want to splurge. If having a video memory of the wedding is not a top priority, you can skip videography services. If you have a special flower that you like, you may want to budget more for that flower, even if it is not in season.
Set up a dedicated savings account One of the easiest ways to save for big ticket items like a wedding, buying a house, or other financial goals is to use an automatic savings account which may be available from your bank. or your employer. An automatic savings plan will draw a fixed amount from a personal checking account to a savings account by direct debit. The bride and groom can link individual checking accounts to a savings account to jointly contribute.
Avoid overspending An analysis of your spending habits will likely reveal areas where you can cut back so that you can spend more money on wedding savings. Do you need a coffee to go in the morning or can you make a casserole at home? Could you cut down on streaming services? Do you feel comfortable buying store brand groceries less expensive than famous brands? Small cost savings can quickly add up.
Add gifts Take into account the deduction of expenses that other people will agree to cover for the wedding expenses, but only if you have concrete confirmation. A parent can organize the rehearsal dinner. A relative can offer to pass on an antique wedding dress to wear. But rather than just removing these freebies from your savings calculations, keep them as a safety net for unexpected expenses.
Saving for a wedding can be difficult. But there are various strategies that can help couples plan their dream weddings without breaking the bank.